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Obesity drug developer Corxel to go public in US via SPAC deal

By Reuters News

Oct 26 (Reuters) - Obesity drug developer Corxel Pharmaceuticals will go public in the US through a merger with special purpose acquisition company Amanat Acquisition Corp AMAN.O, the companies announced on Monday.

  • The success of newer weight-loss therapies has spurred a wave of investments by biotechs looking to capture a slice of the fast-growing sector dominated by Novo Nordisk <NOVOb.CO> and Eli Lilly >

  • Corxel is expected to receive roughly $377 million from the SPAC deal and concurrent private investment in public equity; institutional investors have committed $300 million to it

  • The company is advancing oral product candidates; lead candidate CX11 is being developed for obesity, type 2 diabetes and related cardiometabolic conditions, with work ongoing to advance it into late-stage development

  • The deal is anticipated to close in the first half of 2027; the combined company will likely list on the Nasdaq

  • A SPAC is a shell company that raises capital ​through an initial public offering and uses the ​funds to ⁠merge with or acquire a private company, taking it public without a traditional IPO

  • Leerink Partners is serving as lead placement agent for PIPE financing, while Evercore ISI, Guggenheim Securities, Cantor and LifeSci Capital are acting as placement agents

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